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Ex-CIA advisor predicts date when U.S. dollar hegemony will collapse (archive.is)

submitted 2 years ago by yogthos@lemmygrad.ml to c/worldnews@lemmygrad.ml

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[–] GrainEater@lemmygrad.ml 23 points 2 years ago (2 children)

In an op-ed posted on The Daily Reckoning on Tuesday, former CIA and Department of Defense advisor and investment banker James Rickards predicted that August 22 will be the day the U.S. dollar’s status, as the world reserve currency and medium for exchange will formally collapse.

I would love for this to be true, but I would be very surprised if it collapsed that quickly

[–] yogthos@lemmygrad.ml 23 points 2 years ago

haha we can only hope

[–] sovietsnake@lemmygrad.ml 14 points 2 years ago (2 children)

“The key is to create a BRICS+ currency bond market in 20 or more countries at once, relying on retail investors in each country to buy the bonds. The BRICS+ bonds would be offered through banks and postal offices and other retail outlets. They would be denominated in BRICS+ currency, but investors could purchase them in local currency at market-based exchange rates. Since the currency is gold-backed it would offer an attractive store of value compared with inflation,” Rickards writes.

He added that “if the BRICS+ use a kind of Liberty Bond patriotic model, they may well be able to create international reserve assets denominated in the BRICS+ currency even in the absence of developed market support. This entire turn of events—introduction of a new gold-backed currency, rapid adoption as a payment currency, and gradual use as a reserve asset currency—will begin on August 22, 2023, after years of development.”

This part is better at explaining what he really meant, bolds are mine. So on that date the BRICS will commence this series of steps, which will be the beginning of the end.

[–] GrainEater@lemmygrad.ml 7 points 2 years ago (1 children)

Yeah, "collapse" was probably just used to draw attention. I can only hope that the USD declines as quickly as possible after that

[–] redtea@lemmygrad.ml 6 points 2 years ago (1 children)

It's a teaser for the fans.

[–] GrainEater@lemmygrad.ml 5 points 2 years ago

hopefully reality lives up to the trailer

[–] MarxMadness@lemmygrad.ml 3 points 2 years ago (1 children)

To me, this reads like a CIA guy selling people on the idea that a modest step away from the dollar as reserve currency is the end of the world. This is "if you give people healthcare we'll be commies tomorrow." Look at how this is couched:

if the BRICS+ use a kind of Liberty Bond patriotic model, they may well be able to create international reserve assets denominated in the BRICS+ currency even in the absence of developed market support. This entire turn of events—introduction of a new gold-backed currency, rapid adoption as a payment currency, and gradual use as a reserve asset currency—will begin on August 22

If this, maybe that, a mention of the developed world as if they'll peacefully let the market decide and not violently react. This is drumming up fear, not a sober prediction.

[–] sovietsnake@lemmygrad.ml 2 points 2 years ago (1 children)

I don't see why both can be true, he says in the note he's been letting the intelligence agencies for years this would happen if they over used the dollar as an economical tool, said and done, it's happening. I don't think he wants for the BRICS to dominate the political sphere, he obviously wants the Usonian empire to persist, but nevertheless his analysis is valid.

[–] MarxMadness@lemmygrad.ml 2 points 2 years ago

I agree there's some truth to what he says; he's just overselling it, especially how imminent it is.